S&P 500’s new record, Trump’s tax bill advances, big jobs week: Live Updates
The S&P 500 hit a fresh record high as investors focus on more stock market tailwinds, than headwinds. President Trump, again threatened to replace Federal Reserve Chairman Powell, while also hyping is tax bill advancing on Capitol Hill. The monthly jobs report is due Thursday due to the July 4th holiday when financial markets are closed. FOX Business providing real-time updates on the markets, commodities and all the most active stocks on the move.
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President Donald Trump (L) and Canadian Prime Minister Mark Carney. (Reuters)
The Canadian government rescinded a digital services tax that was set to take effect on Monday after President Donald Trump threatened to break off trade negotiations between the U.S. and Canada over the tax.
Canada's government adopted its 3% digital services tax a year ago and collections were due to begin on Monday. The tax applied to large tech companies that made more than $20 million a year in revenue from online marketplace services, online advertising, social media services and certain sales of user data involving engagement with users in Canada.
The digital services tax would apply regardless of whether the company is headquartered in Canada, and also would've applied retroactively to 2022, putting a roughly $2 billion tax burden on major U.S. tech companies that do business in Canada.
Canada's digital services tax elicited pushback from both the Trump administration and the Biden administration, which was in office when it was initially devised and said the proposed tax was inconsistent with an existing trade agreement. Tech companies like Amazon, Meta, Google and Apple opposed the tax.
This is an excerpt from an article by FOX Business' Eric Revell
| Symbol | Price | Change | %Change |
|---|---|---|---|
| WMT | $96.72 | -0.55 | -0.57 |
The newly opened, 300,000-square-foot, state-of-the-art facility in Olathe will package and distribute Angus cuts sourced directly from Sustainable Beef LLC to 600 stores across the Midwest region. (Walmart Inc.)
Walmart opened its first owned and operated case-ready beef facility in Kansas, eliminating middlemen in its supply chain to help control costs and ensure adequate supply as beef prices remain elevated.
The newly opened, 300,000-square-foot, state-of-the-art facility in Olathe will package and distribute Angus cuts sourced directly from Sustainable Beef LLC to 600 stores across the Midwest region, which Walmart says will increase transparency and capacity in the beef supply chain to help the retailer meet customer demand. This immediately reduces the retailer's need to lean on an outside party to cut and package beef, which can lead to higher costs that can get passed onto consumers.
"This is the first case-ready facility fully owned and operated by Walmart, and that milestone ensures we’re able to bring more consistency, more transparency and more value to our customers," Walmart U.S. Executive Vice President John Laney said in a statement.
This is an excerpt from an article by FOX Business' Daniella Genovese
Traders work on the floor of the New York Stock Exchange in New York City. (Reuters)
Stocks are higher Monday on trade optimism after Canada scrapped its planned digital services tax on U.S. tech firms.
The Dow Jones Industrial Average climbed more than 100 points, or 0.3%. The S&P 500 and Nasdaq Composite each rose 0.2%; both indexes closed in record territory on Friday.
Canadian Prime Minister Mark Carney will resume trade talks with President Donald Trump after Canada said late Sunday it was rescinding a digital services tax on American tech companies.
The Canadian government said it was rescinding the Digital Services Tax "in anticipation of a mutually beneficial comprehensive trade arrangement with the United States."
Trump terminated trade discussions with Canada on Friday, citing the digital services tax on American tech companies like Amazon, Meta, Google, and Apple, among others, as the reason.
S&P 500 futures, early Monday, signaled another new record for the broadest measure of the stock market in what is a short holiday trading week with financial markets closed Friday for July 4th.
In returning the February highs, the benchmark is now up over 5% this year.
Elon Musk, the world's richest man, continued to hammer President Trump's tax bill.
"The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country! Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future" he posted on X.
Trump, for his part, took the slam in stride during an interview on FOX's 'Sunday Morning Futures.'
President Trump has been needling Federal Reserve Chairman Jerome Powell for weeks with verbal assaults, name calling and the threat of getting fired. On Fox's 'Sunday Morning Futures' Trump renewed his attack on the Fed Head.
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